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Compare short-term loans in Michigan

Borrow up to $600 and learn more about your options.

Kellye Guinan
Kellye Guinan

Updated

Fact checked

Editor's choice: OppLoans Installment Loans

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Payday loans can be an option if you need cash to pay for an emergency expense, but you’ll want to make sure you’re getting the best deal. Read our guide on payday loans in Michigan before you take one out to save yourself time and money.

Can I get a payday loan in Michigan?

Yes, payday loans are allowed in Michigan. You can borrow up to $600 to be repaid in 31 days or less. Section 487.2121 et seq. of the Michigan Compiled Laws, referred to as the Deferred Presentment Service Transactions Act (Act 244 of 2005), governs the functioning of payday lenders.

This list simplifies how much you can borrow and what it will cost.

  • Maximum loan: $600
  • Loan term: 31 days or less
  • Financing fee: Varies by loan amount
  • APR: A 14-day $100 loan has an APR of 390%
  • Collection fees: Lenders are allowed one $25 non-sufficient funds (NSF) fee

A breakdown of financing fees:

  • First $100: 15%
  • Second $100: 14%
  • Third $100: 13%
  • Fourth $100: 12%
  • Fifth and sixth $100: 11%

You may only have two payday loans at once, but they must be from different lenders. Rolling over/refinancing your loan isn’t permitted unless the lender doesn’t charge a fee.

If you find any irregularities in your loan or wish to file a complaint, contact the Department of Insurance and Financial Services.

Possible changes to current laws

Be on the lookout for more information regarding the bills SB 430, SB 431 and SB 432. These would increase the amount consumers can borrow, which further increases the high-cost of payday loans. There are many consumer groups and activists against the bills, but even if they pass, remember that you should only borrow as much as you can afford.

Compare payday loans offered in Michigan

Check the websites of any providers you’re interested in to confirm they operate Michigan.

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Check Into Cash Payday Loan
Check Into Cash Payday Loan
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
Go to site
More Info
LendYou Short-term Loans
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
More Info
OppLoans Installment Loans
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
Possible Finance Mobile Installment Loans
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Go to site
More Info
Slam Dunk Loans
Slam Dunk Loans
$50,000
Same business day to 1 business days
Employed, $800+ regular monthly income, checking account, ages 18+, US citizen
Fill out a simple online form to compare offers from several lenders that may be able to help.
Go to site
More Info
CashUSA Installment Loans
CashUSA Installment Loans
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
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More Info
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What's in this guide?

  1. How to apply for a payday loan in Michigan
  2. Payday loan alternatives in Michigan
  3. Payday loan locations in Michigan
  4. Bottom line
  5. Frequently asked questions

How to apply for a payday loan in Michigan

Lenders require you to be at least 18 years old, a citizen or permanent resident of the US and that you have a regular source of income. If you meet these basic requirements, you’ll need to supply your Social Security number, date of birth, information about your employment, contact details and a valid form of ID to fully complete your application.

If you’re applying online, you’ll also need to give the lender access to your checking account. This is so your loan can be deposited directly and your payments debited when your loan is due. Be careful, though–if you don’t have enough to pay back your loan, you can be charged overdraft fees by the bank and a NSF fee by the lender.

Payday loan alternatives in Michigan

A payday loan can be a good option when you’re facing a financial crisis like an unexpected bill or a shortfall in your budget, but they aren’t best for long-term solutions to ongoing financial problems. Consider contacting local programs like Project FRESH or the Michican Medicare/Medicade Assitance Program (MMAP). These can help take care of other bills while you work on paying down your debt.

Check out our payday loan alternatives guide

Payday loan locations in Michigan

Bottom line

When you’re looking into paday loans, be sure to consider all the costs, how much interest you’ll be charged and the other options available to you before making a decision. Payday loans can be expensive, but when you’re in a rough patch, they can be used to get by and help pay down other debts.

Frequently asked questions

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4 Responses

  1. Default Gravatar
    TyangelMay 27, 2019

    I need a loan to move

    Reply
    • Avatarfinder Customer Care
      JeniMay 27, 2019Staff

      Hi Tyangel,

      Thank you for getting in touch with Finder.

      If you’re from Michigan and thinking to apply for a short-term loan, please click the blue Show me my options button to start comparing your options. Once you have decided which to go with please click on the green go to site button to be redirected to the provider’s page where you may learn more about their offered products or even start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  2. Default Gravatar
    DianeJuly 19, 2017

    I do not have a checking account. I have used a rush card debit account for the past 7 years. I started receiving social security in 2012 and my social security check has always been deposited into this account. Are there any lenders that will consider using a debit account for a payday loan?

    Reply
    • Avatarfinder Customer Care
      HaroldJuly 19, 2017Staff

      Hi Diane,

      Thank you for your inquiry.

      Yes, there are lenders who also considers debit account. You may want to consider the options here.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
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